Israel’s High Court on Friday unanimously approved a new trading company to allow Palestinians to copy-trade their currency, the shekel, with the Israeli trading company that runs the international bank that manages their holdings.
The court ruled that the trading company was authorized by law and that the Palestinian-run company was also authorized to operate under the same law.
The decision was expected to affect a number of trading companies operating in Israel, but it could affect the Palestinian Trading Company and the Trading Company of the Palestinian Authority, both of which are run by Palestinian Authority officials.
In a statement, the Palestinian trading company said it was pleased with the decision.
“We are very happy to be able to continue trading under the laws of the land,” said Ali Salama, the company’s chief executive.
“This decision will have a positive impact on the Palestinians who are struggling with their currency.
We welcome this ruling.”
A statement issued by the Palestine Trading Company said the decision could allow Palestinian traders to circumvent the current restrictions that have made it difficult for Palestinians to trade in the West Bank.
The ruling came after years of diplomatic efforts to bring a Palestinian trading operation to Israel and other parts of the occupied West Bank, but the companies have faced legal obstacles in bringing them there.
The Palestinian Trading company was established in the early 1990s by a Palestinian businessman, Ahmad Khader al-Siyani, and has since grown into a global company that manages the Palestinian currency.
The company operates out of the offices of the Jerusalem-based Trading Company, which manages the money market and foreign exchange operations for the Palestinian government.
According to the ruling, the Trading company of the Palestine Authority is authorized under Israeli law to operate as a company under the auspices of the Trading Companies Law and Trade Act of 1987, which is a law that allows Palestinians to operate businesses as companies under the control of their local governments.
The Trading Companies Act allows Palestinians operating in the occupied territories to be granted a certificate of incorporation to allow them to operate, and allows the Trading companies to issue stock, bonds and other securities, as well as to have certain capital, ownership and ownership rights.
The Trading Company has issued a certificate granting the company its certificate of registration to be an official company under Israeli regulations.
The company was not granted a license to operate in Israel until 2008.
In the decision, the court said that since the Israeli Trading Company is authorized to act under Israeli laws, the Trade Company of Palestine is authorized and obligated to act in the same way as the Trading Corporation of Palestine, and that in so doing the Trading Committee of the Israeli Government is authorized.
The trading company is also authorized under the law to enter into agreements with third parties to establish the trading companies and to issue shares of stock and other instruments for the trading of the shares of the company, the decision said.
“As an organization, the Palestine trading company can issue shares in the company and, under certain circumstances, can issue a certificate to its trading company, but in so far as it is a trading company under occupation and under Israeli jurisdiction, it is prohibited to issue a company certificate,” the ruling said.
A spokesperson for the Trading Commission of the PA told The Jerusalem Report that the Trading Board of the trading organization had not yet received the ruling.
In addition to the trading commission, the Jerusalem trading company and the Palestinian company are authorized to do business through various subsidiaries of the Trade Commission, the spokesperson said.
The Jerusalem Trading Company was created in 1986.
The Jerusalem Trading Corporation was created at the end of 1996.
The Palestine Trading Corporation, which has been running under the Trade Corporation Law since 2006, was created by the PA in 2005.
The PA has also licensed the Trading Agency, which operates under the Trading Law, and the Trade and Finance Authority, which operate under Trading Act and Trade and Financial Act respectively.
The Israeli Trading Corporation is the official financial arm of the Ministry of Finance.
The Bank of Israel, the Bank of Palestine and the Central Bank of the State of Israel were also authorized by the Trading Act.
The Trade and Foreign Exchange Commission was created under the Jerusalem Trading Act in 2005 and is the only agency authorized to regulate foreign trade and the international financial sector.